金吾财讯 | 招银国际研报指，携程集团(09961)发布1Q25业绩，总营收达 139 亿元人民币，同比增长 16%，符合招银国际预期及彭博市场一致预期；non-GAAP营业利润为 40 亿元人民币，较招银国际预期和市场预期均高出 7%，主要得益于销售及营销费用支出优化超预期。该行认为，整体旅游需求保持韧性，携程凭借强大的供应链能力及优秀的客户服务能力，国内及出境业务的预订量增速均优于行业。尽管短期投资可能对盈利增长形成压力，但该行认为携程的海外扩张正按计划推进，国际化布局将为其带来长期价值。该行对2025-2027年的营收及盈利预测基本维持不变，基于DCF模型的目标价维持70美元不变，对应 20x 2025 年non-GAAP PE。维持 “买入” 评级。
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